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tv   FOX Business After the Bell  FOX Business  August 30, 2012 4:00pm-5:00pm EDT

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the result for the retailers. david: very quickly, facebook up in a down market. lauren: it is seeming to hold support at $19. david: the bells are ringing. >> remember we finished last month 13,008, so number two watching, this would mean we actually fell for the month. the broader market finishing positive for the month of august and the nasdaq down 1% today, but it is finishing positive territory. david: it is just a number. we have a street fight coming up over whether more market selloff are likely today and whether they are in store for the investors particularly after we hear more from them bernanke.
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liz: right now we're a few minutes, a few hours away from mitt romney's speech at the national convention. we will talk to the economic advisor about the key points in his economic plan. david: we also have peter guber coming up to talk about the new documentary. first we will tell you what drove the market with the data download, stocks and in the day near session lows with the nasdaq posting its worst loss in a month. all 10 s&p sectors in the lower led by technology and energy. first triple digit move in a week. what a strengthening dollar send the metals market lower with gold, silver and platinum all three losing ground. silver amongst the biggest losers: 1.5%, gold finished lower for the third straight day and the commerce department reported personal spending actually rose .4% last month, the longes order to increase ase
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biggest single growth in the u.s. economy right now. liz: breaking news right now, let's go live to the floor of the rnc where republican presidential candidate mitt romney is on the floor. we are still hours away from his speech looks like he is making the rounds right now. david. david: one of the few people that actually has economic players. he has put one forward, got a lot of heat last night laid out the plans, but this guy really has to lay out a key economic strategy for the futures. get the economy growing, his key economic advisors. what we may be hearing from tonight. liz: we look forward to that.
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on the floor of the cme group in chicago. here we are, the market finishing down triple digits, 106 points for the day. at 13,000 finishing up. what is your read on the market right now? >> triple digits does not mean as much now that the market recovered. multi-year highs post crisis highs. 13,000 come to talk about that 18 consecutive sessions above 13,000. that is three full weeks of trading. if you look at the s&p, three full weeks of trading above 1400, but a pullback is warranted in this pullback certainly not catastrophic, 1%. so we have big news, you know things have gotten a lot more stable.
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david: i'm wondering about a pullback in gold. we were hearing more rumors, but we have been hearing them all week qe3 is not likely to be as strongly telegraphed as traders had thought if it is not a screaming telegraph, if he does not come out and say something like i will definitely do qe3. we assume a $50 increase in gold in the past 30 days, is it time for a pullback there? >> i'm more concerned about after. the dollar could win $70.84 and now we are approaching the $80 mark. if you see the euro reversed to strengthen again, almost got that euro. the dollar selling off, that will be part of the gold.
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if you look at it, it made a solid funding. it will get 21700 goes lower. david: stay with us. he still has trades to make. what is going to happen? they ben bernanke does what we are expecting him to do now which is essentially give no telegraphing at all, that is not give a strong indication they te will be more money printing. will there be a bigger pullback in what we saw today? >> i don't know right away but personally i'm not anticipating him to telegraph anything that strongly. usually if they do anything it is going to be at the meeting. on the slightly longer term and tomorrow basis i'm anticipating more pullback in this market. first of all the market in the
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past three months up about 11% already and the fact we are going into historically september, october and the fact the fear index, the fix very low levels usually that signals there will be a little bit more pullback or turmoil in the stock market. liz: you are calling for a correction but not saying when. the vix is trading at a four-month high. what is the vix telling you right now which mark >> you usuy means the market has to come up. not necessarily right away. usually look at a time frame over the next eight weeks or so. the market will come down. i don't know about if the market will come back tomorrow, but i do believe we will see a
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pullback significantly in the market over the next eight weeks. minimally five and a half to 10% pullback, even nine or 10% pullback. i think it will happen. david: i understand he just went to asia recently. a lot of questions if the pullback is for real or not, what do you think? >> i am a proponent on it. i was there last month, i went to a smaller city. i tell you, i see a real slowdown. the question still will be is this a soft landing or turning into a hard landing. i think at the least it is going to be a soft landing and more to come. look at south korea, that country is slowing down as well. i think the slowdown of asia eventually will work itself in to the market. another reason i think the near-term we will see a pullback
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in our market. liz: on the floor of the cme. i will be on a flight night on the floor for the fed chairman tomorrow, set the scene for us, how are traders anticipating the speech, what is the trait? >> as a trader you have to realize they can always pull the card out of their pocket when they want to play it. i don't know if it is that important. most people feel not anything is going to happen. they will have to look. i'm focusing next week the bigger issue. often they get disappointed. i don't know. to get to your guest, to predict a slowdown in asia and a stock market decline, that is really bucking the overall trends we have had so far. if he wants to step out on the ledge and say things have turned the market, good luck to him, but every time they have sold
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off recently it rebounded and we have hit new highs in the last four years. david: remember the ledges are very high and that is where the market is now. thank you very much. we will see you in a couple of minutes as the s&p closes. >> thank you guys. all right, paul ryan setting the stage for mitt romney to accept the republican nomination tonight. from his economic advisor joins us live from the convention next few david: central banks becoming the center of attention as we heard from our traders. a top economist says he has a plan to get the european economy back on track. liz: and a free trip to space, we will tell you which one ahead on "after the bell." [ male announcer ] let's level the playing field.
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david: shares of first solar sinking down 20%. liz: let's go back to the floor of the new york stock exchange. 20% drop. >> this was the worst decline on the s&p 500 today. first solar's largest solar manufacturer in the u.s. and down for two reasons. number one, since coming out and saying they're cutting the demand outlook for the year because europe is down, the biggest market for china. also the u.s. trade, halting and stopped building the plants in arizona. also pressuring the stock today. david: thank you, lauren. sandra: s&p futures are closing right now. let's go back to the cme group. the calm before the storm
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tomorrow. >> we're about a point or so off of the lows for the day, but very quiet market all week, single-digit range in the s&p, little outside that it looks like below 1400 for the first time in 15 sessions. clues from the bond rally five points the past week. yield on the 30-year down from .2982.295. a better sign up wha of what is happening in the fed. sandra: some good numbers to look at. david: in tampa, florida, we have pictures. these are live pictures, he has not decided to give his pictures early, just preparing. pulling his cameraman to come a little bit this way and that way. a lot of details to figure out he has to do this exactly right. first of all his own wife
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setting a very high bar, and then we have chris christie presenting the view from the state, and yesterday very strong speech by vice presidential pick paul ryan, some people say that with entries like that, you have to be sure you hit it out of the park and he is preparing to do that right now. getting an idea of what mitt romney had. >> here we were faced with a massive job crisis so deep that if everyone out of work stood in single file, that unemployment line would stretch the length of the entire american continent. you would think any president, whatever his party, would make job creation and nothing else
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his first order of economic business. david: job creation is of course to the top of governor romney's economic agenda. joining us now to tell us at least allude to what he's going to say. you cannot tell us exactly what he's goinhe is going to say buta fundamental principle of the party and also of the president's party that government don't create jobs even though the president seemingly has been contradictory to that point. how does governor romney make sure that we have a more fertile environment for job creation? >> government can create a playing field for jobs creation, and if we have clear expectations, if we have minimal regulations but we enforce the contracts that we think are important to enforce the market, that is how the government plays an important role in job creation. david: paul ryan of course was
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schooled at the feet of jack kemp, one of the biggest supply-siders this country is ever seen. the power of tax rate cuts to stimulate the economy. according to what i understand, the romney plan is for all tax rates to come down, for all income groups but the wealthy would lose some of its deductions it now has, is that correct? >> governor romney has a principal plan for tax reform. want to broaden the base and lower rates in a revenue neutral manner. those would be the three primary objectives when governor romney and congressman ryan are in the white house. in terms of the specific inclusions, right now those are under discussion and given the governor encouraged in ryan's emphasis on renewing the middle class in this country, putting the middle class back in its rightful place in the center of the american economy that they
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will be guided by the principles of making sure whatever policy choices are made that the middle-class benefits from that. david: we are hiring somebody to change, to fundamentally change our economy the way it has been going the past four years. shouldn't we have a clear blueprint before the election to vote on? and will we have some? >> last time this country did massive tax overhaul was 1986. in the 1984 election cycle when ronald reagan was running for reelection he stood before congress and asked the treasury secretary to send him a plan to arrive after the election. he signaled his serious intention to engage in tax reform but didn't make it an election issue. governor romney is following the same model. those negotiations will happen under governor romney's leadership but with the leaders in congress hope to once again
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in the house but now republican. david: i got my answer i think it's a no, we will not have a specific who printed the change for tax policy. nevertheless ronald reagan had something preceding him. a tax reduction plan that was put in place by paul ryan's mentor, jack kemp. so there was a plan that reagan stood behind. there's no such plan right now for governor romney, correct? >> i disagree with that. in 1986 there were a number of plants. five, maybe six major plans including vat, but others had forwarded their own plans. one thing that has worried me as a political analyst was beheading scene that kind of legislative activity over the past couple of years but in the last six months as the reality of the fiscal plans and the
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unacceptable economic conditions that produces become home to members of congress, we have seen members of congress stepping forward and starting to write their own pieces of legislation on it. we can follow something along the lines of paul simpso simpsonbowl-simpson. david: something we just saw by the downgrading of illinois, downgrading illinois i'm sure you saw. illinois tried to balance their budget by raising taxes. this may be a result of that the fact it has now been downgraded, it is not working. their neighbors indiana, ohio, wisconsin are trying to get things moving by lowering tax rates. also a divide between california raising rates, not doing so well, taxes lower rates doing pretty well. is that the message we're going
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to hear tonight? sandra: >> california is my cure state. california has a lot of governmental problems and so i would definitely encourage people not to link tax rates in california to the problems that economy has taken, a correlation people should be making. david: the correlation is they have a plan to raise taxes sending businesses out of the state. >> california has very high tax rates, and an intention to raise them further. those are exactly the kind of problems. governor romney would definitely be taking the economy in that direction. david: good to have you on. good luck tonight.
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>> thank you for having me. sandra: with paul ryan as his running mate, mitt romney has a daycare reform back on the front line. the health care stock they could get a pop if mitt romney takes the white house. david: more economic news sending european stocks lower today. setting the stage for what happens with our stock. somebody who has some advice for eu leaders on how to get their e economy back on track coming up on "after the bell."
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>> bad news out of europe just keeps on coming. eu economic sentiment index falling to the lowest level in three years. germany's unemployment claims rose for the fifth straight month? the chief economist at mesereau in chicago has a few ideas. thanks for joining us. >> good afternoon. sandra: all this bad news coming out of the economic confidence falling. bad news. german unemployment rising for a fifth straight month. how long can this really go on like this? >> well this has been going on for quite some time. i'm afraid we will continue to see these unfolding crises until we see some true leadership coming from the european political leaders. i've been arguing thir a while. it is all about the politics. they really need to accelerate and keep in mind the goal of the effort to improve the situation should
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be. sandra: you mention it is leadership it will take. on one hand you have german chancellor angela merkel screaming austerity. then you've got french president francois hollande talking about spending more. where do you fall into this picture, austerity or spend our way out of this? >> well nobody likes austerity but the realities there is no money to spend. so no matter how sympathetic you may be with the french president hollande that is really a route that can not be taken. i think merkel is right. the european countries need austerity but they also need structural reform. they need to become more competitive. they need to move to a more flexible labor market. they need to rethink their taxation system. they really need to reduce the red tape for their economies. they need to go back to a growth path that we really had from the old continent and move forward. sandra: all right.
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so there's this idea being floated of a universal bond for the e.u.. do you like this idea? >> if they goal is going toward greater fiscal inat that dprags across your peent countries i think this universal bond will eventually come and will play a role. the point is how we get there. this not a way to transfer money from germany to embattled countries in the south part of the continent. this only benefits the southern countries, spain, italy, greece which continue to reform and will become credible in going back on a growth path. and then i think that if that is a goal that can be achieved the universal bond can be an instrument that the germany will be willing to concede because now everyone will be in the same boat and there will be some growth and not just
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austerity on the table. sandra: do you think they have it in them to make this work? >> well, i think that the bad news we're seeing out of europe and in particularly out of germany should compel the germans to understand that it's in their best interests as well to rescue the euro and help the other countries but of course it is up to greece, italy, spain and portugal to be credible in doing the structural reform they so badly-needed. so i think there is a common ground over there but they needed to take that path. sandra: okay. we have to leave it there. we have two seconds. the fed is speaking tomorrow. any big expectation from you out of that? >> not much. i think that the chairman bernanke will probably continue to keep the options of qe3 on the table. sandra: okay. >> but i do not expect announcement in that sense tomorrow. sandra: all right. that's the word. thank you so much for joining us. >> my pleasure. thank you.
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david: he is not italian is he? sandra: very smart guy though. david: we are taking you back to the republican national convention. there is a lot of preparation going on right now. it is tonight that the big speech happens. will mitt romney explain himself to the american public? and will they buy what he is presenting? that is next. plus one analyst will tell us why romney-ryan win could mean a big rally for at least one sector of the market. sandra: those are live pictures you're seeing by the way. if you want to go to space, one airline is giving away a free trip. we'll give you all the details on that next. david: don't forget to log on to the bell. click the like button. tell us how you think paul ryan did last night. of course keep it going you there the night. we're going to be covering it here from 8:00 to 11 stem to stern with neil cavuto. you have to watch it tonight and let us know what you think. ♪ .
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sandra: time for a quick speed read of some of the day's other headlines. first up, amazon pulled out of its kindle fire tablet after grabbing 22% of u.s. tablet sales. world's largest online retailer expects to launch a new version of the device next week. barclays nailed long time executive anthony jenkins as the new ceo. bob dimon resigned a few months ago over the british bank scandal of interest rate rigging. at&t will open a new flagship store in chicago saturday. the 10,000 square foot store will allow customers to interact and purchase products in the apple store fashion. virgin airlines offering a new perk for frequent flyers out of this world. virgin atlantic, virgin america and virgin australia's top flyer will get a free trip to space. the company is aiming to launch the first flight into space by the end of next
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year. the jersey shore cast is in a serious situation. the final season of "jersey shore" will begin in october. that is today's speed read. [buzzer] david: you did i had on time. who cares about "jersey shore". sandra: never into it. david: look what paul ryan had to say at the rnc last night. >> the greatest threat to medicare is bomb care and we're going to stop it. sandra: but what does his plan mean for your investment strategy? joining us bernstein senior analyst. thanks very much for joining us, anna. >> thanks for having me. sandra: what does it mean for the our investment portfolio? you say it would be a good thing to own managed care stocks for the election but specifically if there is a mitt romney win? >> i think one thing that has not been spoken about in this campaign seniors actually save money with private plans. and today, seniors are
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paying as much as 25 to 50% more with a government plan because they have to get a supplemental plan as compared to private plans. now of course they do have some restrictions in terms of the networks that they see and doctors and hospitals that they go to but seniors had been picking plans in the private space, only one out of six in twix. today is one out of four. david: i'm not surprised that government plans cost more. that is the nature of government but the president, president obama continues to try to convince us that the ryan plan would cost more. you don't buy that? >> i don't buy that. actually that is going to be a huge money saver. it should help the federal deficit. think in addition to that managing care plans should benefit, so benefits investors. david: no matter who wins? again, according to you the ryan plan would actually save more but it's also a good bet if the president wins re-election? >> in terms of the investment strategy? david: in terms of getting some of these stocks?
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>> absolutely. the stocks are really sold off. investors are afraid. they're confused. they don't know the policy. we have 50% discount on managed care right now compared to the s&p 500. sandra: how much do you think they could go up? >> even without the romney-ryan ticket winning the white house i could see a 10% upside. sandra: we have some of your picks on the screen of the talk about humana, unitedhealth group, cigna. >> united, humana and cigna are all the highest growth stocks in my coverage. they have 10 to 15% earnings per share growth. that is my projection. they're all very heavily levered to medicare as well. to the extent that you have an additional optionality with the ryan-romney ticket there should be more election driven up side. i could see the stoxx going up, humana just --. david: we have to run. do we wait until the election before we buy in
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you say we make more money if romney and ryan win? >> i would buy them in and they would be higher with romney-ryan. david: thank so much for coming. sandra: tonight former massachusetts governor mitt romney accepts the republican nomination to run for president. david: fox business's rich edson is at the rnc. been doing yeoman's job there watch you all last night. great stuff. what are we expecting from romney tonight? any specifics? >> thanks very much, david. we do have specifics. six hours from now, that is the stage he will take. just finished his walk of this through a short while ago. tested the prompter height. had fans all the way up top yell out his name. he waved bab. we love you, mitt. and he waved back. said thank you. from here, we expect the speech tonight and the night much of the night with guest and videos to focus on bain capital. the romney wants to fight back against a tax on bain capital. they will talk staples. talk bain. a talk a number of difficult
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issues. he will bring his religion into the fold tonight. there will be discussions from former members of his church or former church. debt and deficits. the debt clock. reminder that the republican national committee put up there that clock, the right, the national debt in total. to the left, $7.8 billion. that is the rnc says we've had added to our national debt since 2:00 on monday. so the 10:00 hour, that is when mitt romney speaks. we'll have it live. back to you. sandra: rich edson, thank you for joining us live from the rnc. david: well isaac, remember that storm? it is slowly weakening over central louisiana but still it is producing heavy rains, over two feet in some places. high water levels along the northern gulf coast. what's for the future of isaac? we're live in slidell, louisiana. sandra: i went to school there. have to say it is slidell, louisiana, david. a documentary on obama beat out hollywood blockbusters at the movies.
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mandalay entearment ceo, peter guber talks about why the film did so well. david: you had to get that in there. you had to get that in there. [ male announcer ] let's say you need to take care of legal matters.
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confidence in a debt-plagued eurozone hit a 3-year low. the dow finished down 106 points at 13,000 even. perigrine financial trustee expects to file a restructuring plan with the bankruptcy next week. dow jones reporting that the thrust tee already sent the plan to national futures association and the cftc for comment. with isaac petering out, royal dutch/shell says preparation are underway for the workers to return to the oil giant's offshore facilities in the gulf of mexico as soon as friday. anna dark coy petroleum, chevron and other producers indicating they're preparing to restaff offshore rigs and platforms as the storm moves further inland. that's the latest from fox biz, giving you the power to prosper now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions because the results... are you having fun doing this? yeah.
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that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you. it's how we help you choose the right humana medicare plan for you. because when your medicare is taken care of, you can spend more time sharing your passions. wow. [ giggles ] [ male announcer ] with the people who matter most. i love you grandpa! i love you grandma! now you're a real fisherman. [ male announcer ] humana. david: the documentary on president obama, 2016 "obama's america", will expand to 1600 theaters after placing in the box-office top 10 last weekend and beating big
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hollywood blockbusters that cost a lot more to make. let's take a little peek at the film. >> america has a dream from our founding fathers. that together we must perfect liberty and america must grow so liberty grows. sandra: what was hollywood's reaction to this box-office surprise? peter guber, ceo of mandalay entertainment group joins us right now. thanks for joining us. big question, why do you think this film is doing so well at the box-office? >> well there are three reasons. one is, this part of august is a soft part of the season. not a lot of new offerings. not a lot of new marketing with big projects. so they got a good window. it is right near obviously the conventions. so you have an interested audience which is the second thing. and thirdly, they did a good job in marketing, grassroots. almost faith based. they went to the talk shows on radio, on television, to go to its constituency. they revved them up and they turned out. david: peter of course the
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closest thing you think of this, from the opposite side of the political spectrum is michael moore. kind of advocacy journalism documentary things. is hollywood surprised to see it coming from the right? i can't think of an example from the right that matched what michael moore does? >> very much so. very much so. there was no predictions that this was going to be a successful financially, or audiencewise as this happened. you remember it opened in one screen. went to like 10 screens, to 16 screens. last week i think it was placed fourth on the whole national box-office chart. david: my wife by the way, saw it up in cape cod yesterday. she said it was full. and there was a line coming out and by the way, the people sitting next to her were pro-obama. it is not only anti-obama people going to see it. >> well it is a curious film because it is a documentary but it is political advocacy. we know that no one is fooled, certainly not you journalists fooled by that. there is point of view. it has music and graphics.
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it is not news. it is advancing a particular point of view. now what is interesting is, it was presented very artfully, very uniquely, the fact that coproduce ier of it produced very successful films in the marketplace. this is a business we'll see more of. just as we saw on the faith based audience. wherever you advocate to a niche and they will turn out you will get more business in the market. sandra: peter, makes you wonder if this will send a message to hollywood typically puts out very liberal-based films perhaps there is audience they're not reaching out there? >> hollywood operates by the golden rule. he who makes the gold get to rule. that is the rule on opposite side. where is that audience they will be drawn to? i think you will see more of these films but in niche ways where the audience around and event like the republican convention or democratic convention or it is around some particular issue that is very hot in the marketplace. around i think that's what happened. but it was a very uniquely
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done film. it had a lot of aspects to it that made it, you know, very interesting and it caused a lot of news and noise and that gets audiences to turn out. david: i'm wondering about a spillover into the general entertainment industry, peter. look at "the hunger games." maybe i'm reading something into this, but when i look at "the hunger games" i sort of see a tea party message there, if the central government gets too concentrated the whole country will become slaves and have to feed it. is the message, sort of libertarian message, being spun out into entertainment, pure entertainment as well? >> you can't separate people's minds, thoughts political views, attitudes and apt tuds. they're all mixed in. that holdings your brain and your psyche is drawn to something that fitses that pattern. this is in the ether so people are drawn to it. there is lot of curiosity about it. there is a lot of news about it. you will see that kind of continuing i don't want to
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call it polarization, but presenting entertainment as edtainment and infotainment. because the audience is kind it polarization and advocate you will see more of that. david: i have to one quick question about the dodgers. you are part owner of the los angeles dodgers. new part owner. i think you made the biggest trade in history with the boston red sox. you got a whole lot of boston players come in. what can you tell us about the trade? when will it pay off for the dodgers. >> like anything it a opportunity and it has to be mined. you can't tell whether a trade will pay off until maybe a year later. will it put a lineup, stan cast ten, put the lineup together. we didn't have a lineup in early part of the july. this gives you a two through six lineup. this team is a core asset of major league baseball. we have to be competitive. there have been big trades. look at angels who you compete against in the
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market. they did pujols in there. and the idea is, they paid $240 million for him. so pricing is important but performance is the key. and that will be tested for both sides of the trade. can shedding those assets and those costs for the red sox allow them to rebuild and can we have in the dodgers a kind of franchise with the kind of batting order and pitching that will become national legal champs. sandra: well from hollywood to baseball you covered it for us. thank you, peter. david: congrats on a win against denver last night. joe blanton's first win. congrats. >> thank you. david: good to see you, peter. sandra: jeff flock in slidell, louisiana, dealing with the aftermath of hurricane isaac. we'll take you there next. david: federal reserve chairman ben bernanke set to address policymakers tomorrow in jackson hole. his speech could be a major market mover. we're live with the very latest from jackson hole. ♪
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david: storm isaac leaving a path of power outages and flooding as it heads north. sandra: let's head to jeff flock life in slidell, louisiana. if he is still standing. jeff flock. >> we're trying. we are not as wet as we used to be. take a look down this street. this is cary street of slidell, the old town section of slidell. this is one of the places the aftermath of the storm is worse than the storm itself. i'll tell you, did you get that one out of the water or did you get that somewhere else? >> it was my pet. got him after katrina. >> you had him after katrina? >> yes, sir. >> did you name him? >> steve. >> i suspect there is story there somewhere. a lot of people have been
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trying to bring their pets out, get their pets, what have you got here? >> my puppy. she is a yorkie. she has been pretty cooped up. so she is glad to be out of the house. >> hopefully she can swim. thanks very much for sharing that. this is the scene. a lot of people carrying their belongings. she may have water or something to eat. is that your dog also? >> casey. >> how has this been? >> pretty scary. my first one. i'm from michigan. >> you're from michigan. >> from michigan. >> there you go. you probably rather be in a snowstorm right now? >> no, it is a little warmer here. >> good luck to you. people making the best of it in slidell. it is no the over your rooftops, if you have water in your house it is not a good thing. >> american spirit lives on. i love to hear that coming from the lady. jeff, great stuff, hardest working man in journalism. >> thanks, david. appreciate it. david: one man could have a major impact on the markets tomorrow. sandra: we have the number
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one thing to watch. that's next you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.
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>> tonight many people will watch mitt romney at the republican national convention, me included, nevertheless the number one thing to watch tomorrow womening federal reserve chairman ben bernanke at the economic symposium in jackson hole. that is what could move markets immediately. peter barnes is there ahead of bernanke's big speech tomorrow. peter, i think this is the most important thing in the universe and partly because you're there. >> thank you, david. you know this is the toughest assignment that i have all year to come out here to jackson hole where it is absolutely spectacular. we have a wonderful breeze coming off the lake here and the teton mountains behind me. of course all eyes will be on the fed chairman's speech tomorrow at 10:00 a.m. wall street is looking for some guidance from the fed chairman on what may be coming next. frankly i got to tell you i don't know what else the fed chairman can say or any other members of the fed or
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the fomc that hasn't been said already. we got those notes from the july 31st, august 1st, the minutes from the last meeting and they laid it out pretty clearly. they're lacking at potential -- looking at potential additional stimulus, monetary easing. extending guidance how long they will keep interest rates low. another round of quantitative easing and potentially some other steps. i think you hear the fed chairman say tomorrow they're looking at all those options and outline the risks. david: peter, you don't want to kill your tease. you have a chance to say what happens tomorrow is going to be a game-changer. i mean that's why people are going to be watching you at jackson hole. you have to build this thing up, man!. >> it is a game-changer, david. back to you. david: there you go. >> i am going to be watching you all day tomorrow. >> listen, we will be listening. they will be parsing every word. david: they will. >> we'll be here to have it for you tomorrow. david: people who trade gold are saying based on the


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